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Norway Goverment 1st Barents Sea Oil Field

Stock quotes in this article: STL  

OSLO (AP) — The Norwegian government on Friday gave its go ahead to the development of the first offshore oil field in the Arctic waters of the Barents Sea, the Goliat field off the country's northern tip.

The estimated 28 billion kroner (4.34 billion) project still requires parliament's approval, which is seen as assured since the three-party coalition government controls a majority in the legislature.

"Goliat is the first oil field in the Barents Sea that will be developed. Goliat is the biggest industrial project to ever be undertaken in northern Norway," said oil Minister Terje Riis-Johansen. ...

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